安琪酵母（600298）：成本红利兑现，利润释放周期启动

Investment Rating - The report maintains a "Buy" rating for the company, considering the profit elasticity contributed by cost benefits [3][6]. Core Views - The company reported a revenue of 7.9 billion yuan for the first half of 2025, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 800 million yuan, up 15.7% year-on-year [1]. - The second quarter of 2025 saw a revenue of 4.1 billion yuan, reflecting an 11.2% year-on-year growth, with the main business segments showing stable growth [1][2]. - The gross profit margin increased by 2.3 percentage points to 26.2% in Q2 2025, primarily due to the decline in molasses costs and shipping fees [2]. Summary by Sections Financial Performance - For Q2 2025, the company achieved a net profit margin of 10.5%, with a year-on-year increase of 0.4 percentage points, despite a decrease in government subsidies impacting net profit [2]. - The company expects to maintain a revenue growth target of over 10% for the full year 2025, with contributions from overseas market expansion [2]. Profit Forecast - The profit forecasts for 2025-2027 have been slightly adjusted, with expected net profits of 1.64 billion, 1.92 billion, and 2.19 billion yuan respectively, reflecting year-on-year growth rates of 23.6%, 17.1%, and 14.4% [3]. Valuation Metrics - The current price-to-earnings (P/E) ratios are projected at 19, 16, and 14 times for 2025, 2026, and 2027 respectively, indicating that the valuation is at a historical low [3].